IMF and Ukraine reach agreement for $1.1 billion in financing

In a statement from the Fund, it was announced that the IMF and Ukrainian authorities have reached a staff-level agreement regarding the sixth review of the 4-year financing package.

The statement noted that, subject to approval by the IMF Executive Board, Ukraine will be able to access $1.1 billion.

The statement indicated that with this latest financing, total disbursements to the country under the program will reach $9.8 billion, and added that the Executive Board is expected to review the matter in the coming weeks.

The statement expressed that program performance remains strong, with authorities meeting all quantitative performance criteria and structural benchmarks for the review as of the end of September, and that an agreement was also reached on a series of policies and reforms aimed at maintaining macroeconomic stability while the war continues.

Noting that the outlook remains extremely uncertain, the statement reported that Russia's war in Ukraine continues to have a severe impact on the Ukrainian people, the economy, and infrastructure.

The statement assessed that, "Despite the devastating challenges resulting from Russia's 1,000-day war in Ukraine, the economy has continued to show resilience."

News Source: AA